• Ask about our bank statement program which eliminates the use of tax returns and we just use the deposits in your bank account to calculate income.
(800) 535-0270
Select Page
Home Equity Lines Of Credit

Home Equity Lines Of Credit

Heloc also knows as Home Equity Lines Of Credit are a perfect 2nd mortgage for a perfect situation.

Home Equities are primary know as second mortgages but can also be used as first mortgages for those that don’t have a first mortgage in place. There are many reasons why a home equity line of credit is beneficial.

When is the best time to provide our clients with a HELOC? When they don’t need it!! Its a great source of money when need it, like a rainy day fund. Heloc’s is perfect to have access to funds during a difficult time. Even if things are good, clients can use it to pay off bills, pay for college educations, weddings, vacations and more!

Get started now! It’s easy to Get you set up with a HELOC:

Contact us for more information about Home Equity Lines of Credit.

Call us today at 800-535-0270 for more information or email us here.

FHA Loan Types

FHA Loan Types

The FHA will back any mortgage loan known as the FHA loans. These loans are characterized by a small down payment and minimal credit requirements when compared to traditional mortgages. An FHA mortgage has an upper limit for the mortgage, which is specific to where the property is located in New York. Due to the extensive cost of living in New York, as well as a higher cost of living, FHA loan limits are more here than the majority of the country. 
 

An FHA loan has a 30-year term with a fixed rate similar to a traditional mortgage. Three components make up the FHA mortgages:

  • a low requirement for credit scores
  • only 3.5 percent for the down payment
  • and mortgage and upfront insurance for the loan of more than 78 percent.

Monthly mortgage payments are assessed until such time as the loan equals 78 percent of the value of the home. A borrower can qualify for these mortgages when they are only two years out of a Chapter 7 bankruptcy or one year out of a foreclosure, as long as the remainder of the credit file is positive. 
 
If you are looking to get one of these loans, you need to have two credit lines open minimum. For those who don’t have any credit file, utility bills or rental payments can also be used. Prospective mortgage payments and current debt must equal a ratio of less than 31 percent for mortgage payments when compared to income. Based on a case-by-case basis, there are exceptions to this rule.

To help you understand all of the ins and outs of this loan, our team of professionals at MortgageDepot will go over everything with you to make sure you understand the FHA loan limits. Our goal is to get you into a mortgage that is going to work the best for your specific wants and needs. 

Contact us today at 800-535-0270 for more information or email us here.

It’s Time to Plan Ahead on New Construction

It’s Time to Plan Ahead on New Construction

We help clients get a head start on all their new construction projects before the season is over!

Now’s one of the best times for your clients to build so that their investment properties are ready by spring or summer! The markets will warm up quickly after winter, and we’ll make sure our clients are prepared.

Our New Construction product finances build-ready lot acquisition, up to 90% of construction costs, and is ideal for infill or scattered lot construction.

Some more features include:

  • Single loans up to $1MM for beginner investors
  • Exposure Limits (LOC) up to $10MM for seasoned investors
  • Minimum credit score of 620
  • Rates starting at 6.99%

We are here to help you and our investor clients! Be sure to reach out and discuss your investment plans, so that we can get you the funding you need.

Contact us at 800-535-0270 for more or email us here.

Fundamentally Changing The Face of Hard Money

Fundamentally Changing The Face of Hard Money

Since the deregulation in 1980 “Hard Money” loans have been a accepted alternative to bank financing. With or competitors current rates from 9% to 14%, points ranging from 2% to 5% and most loans being short term bridge loans, it is obviously the last resort on any borrowers mind.

Over the years MortgageDepot has tried to close the gap from what hard money currently looks like to what we think hard money should look like. Well we are proud to announce that with the new expanded guidelines on our business purpose subprime product we have achieved our goal of fundamentally changing the hard money landscape forever! we are very excited to offer to residential and commercial property owners financing that is long term (no more pesky balloon payments), rates from 6.875 to 9.99 all at NO POINTS!

Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and usable hard money product. We highly encourage to reach out to one of our friendly mortgage loan originators here at MortgageDepot. Let our team of professionals educate you on how we can bring a cheaper long term financing alternative to our borrowers that either can’t qualify or don’t want to wait around to qualify for bank financing for their investment properties. CALL TODAY 800-535-0270. Some bullet points on our new product is below.

  • All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
  • UP TO 80% LTV
  • Purchase and cash out transactions available.
  • 100% gift funds acceptable!
  • FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
  • SFR, Condos, Townhomes and 2-4 units.
  • 5+units (multifamily), Mixed use, Office and Retail.
  • 3/27, 5/25 and 7/23 products available.
  • NO balloon payments ever! 30 year fully amortized loans!
  • Easy to understand and simple underwriting guidelines!
  • Rates from 5.99% to 9.99%
  • No points!!!!!
  • Buy down options available.

Contact us today at (800) 535-0270 or email us by clicking here.

Introducing High Balance Nationwide! Up To $679,650 Is Conventional

Introducing High Balance Nationwide! Up To $679,650 Is Conventional

Starting today every county in the country qualifies for High Balance up to  $679,650 regardless of the published loan limits.

Take advantage of our exclusive opportunity on conventional high balance loans to all of your borrowers  – even those outside of the counties eligible under Fannie Mae and Freddie Mac – instead of having to push them into a Jumbo loan. Details include:

  • Min 680 FICO
  • Max 80% LTV/43% DTI
  • Loan amounts from $453,101 – $679,650
  • Eligible for primary and second homes
  • Lower rates, easier guidelines, and fewer docs than Jumbo
  • No Manual underwrite
  • Fast turn times, averaging 15 days or less

What all this means is that with new loan limits for 2018 lenders are lending in certain counties with new set loan limits but we are now allowed to use these new loan limits in all counties.

Contact us today at (800) 535-0270 or email us by clicking here.

 

Non-Prime Cash-Out Refinancing

Non-Prime Cash-Out Refinancing

We give our borrowers the boost they need by adding Non-Prime loans to our product mix of offerings, great for those looking to refinance higher loan balances. Cash-out gives our clients a little financial breathing room while possibly lowering their monthly payment and interest rate as well.

NON-PRIME CASH-OUT REFINANCE PROGRAM HIGHLIGHTS

  • Primary and second home refinancing
  • Loan amounts up to $1.5 million
  • Minimum credit score of 500 (75%)
  • Maximum 80% LTV with no MI
  • Recent credit events OK
  • Non-warrantable condos OK
  • Investment properties OK
  • 30-year fixed, 5/1 and 7/1 ARMS
  • Maximum cash-out is $500,000

Contact us for more information about this cash-out refinancing program.

Call us today at (800) 535-0270 or email us by clicking here.

© 2019 www.mortgagedepot.com. All Rights Reserved.
Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788